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 Introduction: To Invest in Cryptocurrencies

The very first cryptocurrency which makes the existence was Bitcoin that has been built on Blockchain technology and probably it had been launched in 2009 by a mysterious person Satoshi Nakamoto. During the time writing this blog, 17 million bitcoin had been mined and it's thought that total 21 million bitcoin could possibly be mined. The other most widely used cryptocurrencies are Ethereum, Litecoin, Ripple, Golem, Civic and hard forks of Bitcoin like Bitcoin Cash and Bitcoin Gold orib.

It is recommended to users never to put all profit one cryptocurrency and avoid investing at the peak of cryptocurrency bubble. It has been observed that price has been suddenly dropped down when it's on the peak of the crypto bubble. Considering that the cryptocurrency is a volatile market so users must invest the total amount which they are able to get rid of as there is no control of any government on cryptocurrency because it is a decentralized cryptocurrency.

Steve Wozniak, Co-founder of Apple predicted that Bitcoin is a real gold and it'll dominate all of the currencies like USD, EUR, INR, and ASD in future and become global currency in coming years.

Why and Why Not Invest in Cryptocurrencies?

Bitcoin was the very first cryptocurrency which came into existence and thereafter around 1600+ cryptocurrencies has been launched with some unique feature for every coin.

A number of the reasons which I have seen and would like to share, cryptocurrencies have now been created on the decentralized platform - so users don't require a third party to transfer cryptocurrency from one destination to another one, unlike fiat currency where an individual desire a platform like Bank to transfer money from one account to another. Cryptocurrency built on an extremely safe blockchain technology and almost nil opportunity to hack and steal your cryptocurrencies until you don't share your some critical information.

You ought to always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. Many of us purchase the cryptocurrencies at the peak in the hope to produce quick money and fall victim to the hype of bubble and lose their money. It is way better for users to accomplish plenty of research before investing the money. It is obviously good to place your profit multiple cryptocurrencies instead of one because it has been pointed out that few cryptocurrencies grow more, some average if other cryptocurrencies go in the red zone.

Cryptocurrencies to Focus

In 2014, Bitcoin holds the 90% market and rest of the cryptocurrencies holds the remaining 10%. In 2017, Bitcoin continues to be dominating the crypto market but its share has sharply fallen from 90% to 38% and Altcoins like Litecoin, Ethereum, Ripple has grown rapidly and captured the the majority of the market.

Bitcoin continues to be dominating the cryptocurrency market although not the only real cryptocurrency that you need to think about while investing in cryptocurrency. A number of the major cryptocurrencies you must consider:

Bitcoin

Litecoin

Ripple

Ethereum

Tron

Civic

Golem

Monero

Where and How to get Cryptocurrencies?

Though some years back it wasn't easy to get cryptocurrencies nevertheless now the users have many available platforms.

In 2015, India has two major bitcoin platforms Unocoin wallet and Zebpay wallet where users can purchase and sell bitcoin only. The users have to get bitcoin from wallet only although not from another person. There clearly was an amount difference in buying and selling rate and users has to pay some nominal fee for completing their transactions.

In 2017, Cryptocurrency industry grew tremendously and the price of Bitcoin grown spontaneously, especially in last six months of 2017 which forced users to find alternatives of Bitcoin and crossed 14 lakhs in the Indian market.

As Unodax and Zebpay are the two major platforms in India have been dominating the marketplace with 90% of market share - that has been dealing in Bitcoin only. It gives the chance to other organization to grow with other altcoins and even forced Unocoin and others to include more currencies to their platform.

Unocoin, among India's leading cryptocurrency and blockchain company launched an exclusive platform UnoDAX Exchange for their users to trade multiple cryptocurrencies besides trading of Bitcoin in Unocoin. The difference between both platforms was - Unocion was providing instant buy and sell of bitcoin only whereas on UnoDAX, users can place an order of any available cryptocurrency and if it matches with the recipient, the order is going to be executed.

Other major exchanges offered to trade cryptocurrencies in India are Koinex, Coinsecure, Bitbns, WazirX.

Users need to open an account in the exchange with signing-up with email id and submitting the KYC details. Once their account gets verified, one can start trading of coins of their choice.

Users have to analyze well before investing in any coins and not fall into the trap of cryptocurrency-bubble. Users must research the exchange credibility, transparency, security features and many more.

All Exchanges charge some nominal fee on each transaction. You can find two types of charges - Maker fee and Taker fee. In addition to the transaction fee, you have to pay the transfer fee, if you wish to transfer your cryptocurrencies in other exchange or your private wallet. The charges solely depend on the coins and exchange as the various exchange has difference price module for transferring the coins orib.

Major Altcoins besides Bitcoin

As mentioned above, Bitcoin is dominating the marketplace with a 38% market share followed by Ripple, Ethereum, Litecoin, Bitcoin Cash. Exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp have listed a number of other coins like Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and many more. If the coins match your portfolio then you must buy it.

But, you must put the money on the market which you can afford to get rid of as cryptocurrency market is extremely volatile and no government has control over it.

When to Buy?

There is no hard rule when to get your chosen cryptocurrency. But one must research the marketplace stability. You ought not but at the peak of a cryptocurrency bubble or when the purchase price is crashing continuously. Always best time is considered when the purchase price is stable relatively at a low level for a few time.

Cryptocurrencies Storage Method

Before buying any cryptocurrency one must learn how to keep your cryptocurrency safe.

Generally, all of the exchanges give you the storing facility where you can keep your coins safely. One mustn't share their user details, password, 2FA once you hold cryptocurrency on exchanges.

Paper Wallet, Hardware wallet, Software wallet are some of the channels where one can store their cryptocurrency.

Paper Wallet: Paper wallet is definitely an offline cold storage method to keep your cryptocurrency. It prints your private and public key on a bit of a document where QR code is also printed. You have to just scan the QR code for their future transactions. How come it safe? You should not be concerned about the hack of your account or attack of any malicious malware. You simply need to keep your bit of the paper safe in a locker and when possible keep 2-3 pieces of paper wallet all in your complete control.

Hardware Wallet: Hardware wallet is a physical device where you keep cryptocurrency safe. There are many types of hardware wallet but commonly used hardware wallet is USB. Whenever you keep your cryptocurrency in hardware wallet you simply need to keep in that mind that you shouldn't lose your hardware wallet as once it's lost you should not retrieve your cryptocurrency.

One famous incident, the place where a person as mined 7000+ bitcoin and stores in their hardware wallet and kept it with another hardware wallet. 1 day he threw the hardware wallet where he stored his cryptocurrency in place of damaged hardware and he lost all his bitcoin.

What can buy from cryptocurrencies in India?

Most of the people think that buying and selling of any cryptocurrencies are just for the investment and having the high returns on an extended and short-term. Influencers and bitcoin investors are believing that in coming years Bitcoin will dominate all of the fiat currencies and is going to be accepted as International currency.

Dell is one of many largest e-commerce business accepting bitcoin as payment. Expedia and UNICEF are other examples.

In India, Sapna Book Mall was accepting bitcoin as payment using Unocoin merchant service. Individuals were booking movie tickets through BookMyShow or recharging their mobile using Unocoin platform. According to the report, they've stopped the service but planning to begin again in near future.

Conclusion:

Cryptocurrency is one of many growing investment sectors and it has given nice returns than real-estate, gold, stock-markets, etc in the past. You can get the cryptocurrency and hold for long-term to get nice returns or go for the short-term for the quick profit as we've seen the growth of numerous coins in 1000%+ in past. Considering that the cryptocurrency is a volatile market and no control of government on the industry. One must invest the total amount in just about any cryptocurrency which they are able to lose.

You can store your cryptocurrency in hardware wallet, paper wallet, software wallet in the event that you don't wish to put on in the exchange from where you are trading orib.